Standard Chartered restores buybacks, returns to dividend
At the same time, the bank predicted that its overall income this year is likely to be similar to last year's
Stocks impacted: Standard Chartered Bank (STAN)
Despite its annual profit more than halved in 2020 amid the pandemic, Standard Chartered restored its dividend and resumed buybacks. In the fourth quarter, Standard Chartered reported a pre-tax loss of US$449 million. That compared with a pre-tax profit of US$194 million a year earlier. The bank said it would return capital to investors via a 9 cents per share dividend and $254 million buyback. At the same time, the London-headquartered lender predicted that its overall income this year is likely to be similar to last year's, citing the impact of global interest rate cuts for the first half of this year. As a reminder, last year, the Bank of England told Britain's largest lenders to suspend dividend payments and share buybacks for 2020 to help them maintain capital buffers against an expected hit from the pandemic.
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